International Research journal of Management Science and Technology

  ISSN 2250 - 1959 (online) ISSN 2348 - 9367 (Print) New DOI : 10.32804/IRJMST

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CRM-A POWERFUL TOOL IN INDIAN BANKING SECTOR

    2 Author(s):  PROF ABHISHEK BHATTACHARJEE,PROF ANINDYA SAHA

Vol -  11, Issue- 4 ,         Page(s) : 11 - 14  (2020 ) DOI : https://doi.org/10.32804/IRJMST

Abstract

Banks play a significant role in the socio-economic development of our country. Customer service management is an important key component of a business today. The concept is incredibly crucial because it incorporates customer, customer service, customer satisfaction, customer value, customer loyalty, customer retention, etc. Customer Relationship Management (CRM) plays a fundamental business of each enterprise and it requires a holistic strategy and process to create it successfully. Customer Relationship Management really a vital factor to boost the performance of the banks. Customer Relationship Management in banks are often defined because the ability to grasp, anticipate and manage the wants of the customer, interaction and relationship leading to increased profitability through revenue and marginal growth and operational efficiencies. To serve more customers and to retain the present customers, banks in India have changed from the old concept of accepting deposits and lending money to Any Time, Any Branch and Any Bank through Anywhere Banking. A customer is that the core component within the industry. The business of banking can neither function without customers, neither is the business when has been done just by acquiring a particular number of transactions culminating during a long- term banker-customer relationship. Banking institutions thrive more on keeping old customers happy, instead of getting new customers. Most of the banks in India are now turning to CRM as they're increasingly realizing that the value of acquiring new customers is for more than the value of retaining existing customers.

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